DIGITAL GOLD — Securely Store and Make payments in Gold
Today I will summarize you some knowledge about Blockchain Technology !! Blockchain, the initial block chain name is a hierarchical database that stores information in blocks of information that are linked by encryption and expand over time. Each information block contains information about the initialization time and is linked to the previous block, with a time code and transaction data. Blockchain is designed to resist data change: Once the data is accepted by the network, there is no way to change it.
Blockchain is guaranteed by the design using hierarchical computing system with high tolerance of byzantine errors. So decentralized consensus can be achieved by Blockchain. So Blockchain is suitable for recording events, medical records, transaction processing, notarization, identity and proving origin. This has the potential to help eliminate major consequences when data is changed in the context of global trade.
The first blockchain was invented and designed by Satoshi Nakamoto in 2008 and was realized the following year as a core part of Bitcoin, when blockchain technology acts as a ledger for all deal. Through the use of peer networks and a hierarchical data system, Bitcoin blockchain is managed automatically. The invention of the blockchain for Bitcoin has made it the first digital currency to solve the double spending problem when a single amount of money is used twice. This technology of Bitcoin has become an inspiration for a variety of other applications.
Blockchain and cryptocurrency: Special blockchain promotes its strength in managing and trading online assets that are currently the most popular bitcoin. Since there is only a limited number of (21 million bitcoins), but the need to invest in bitcoin as a source of asset replacements for gold, foreign currencies and stocks, … constantly escalating, the price of bitcoin has increased dramatically. Uncontrolled by the government, without inflation and having to exploit like gold, this currency is the source of rescuing Venezuela’s hyper-inflationary country — where people hardly buy anything with the local currency but owns the largest bitcoin mines in the world. However, bitcoin also has a dilemma problem owned by the community that is still debating the solution.
In the past few years, the Blockchain technology has been used as a tool to record the history of cryptocurrency transactions. Bitcoin was successful and grew rapidly when it convinced the fastidious customers. Bitcoin is really valuable and it is traded and stored securely online. Everyone thinks that Bitcoin will open a new era for industrial revolution, the 4.0 industrial revolution where blockchain technology is widely used.
The future of Blockchain technology: The emergence of Blockchain as well as milestones when personal computers or Internet are born, this system will change the way we understand and recognize society. The biggest potential is to create a place to apply Smart Contract: agreements in contracts and transactions will be confirmed without disclosing information between parties with a certain intermediary while ensuring everything is the most transparent and certain.
Information in Blockchain cannot be counterfeited (but may still leave traces), all changes need to get consensus of all participating nodes in the system. It is a system that does not easily collapse, because even if one part of the network is numb, the other nodes will continue to operate to protect the information. Blockchain technology opens a new trend for areas such as banking and finance, logistics, electronics and telecommunications, accounting and auditing …Not only that Blockchain is also the core of Internet of Things (IoT). Electronic devices can communicate safely and transparently, unrighteous efforts in the Internet world will not work, and much more …Currently there are many large companies and corporations that are building their own Blockchain network. So we will soon see this can create a wave for the future.
GOLD: Gold has been widely used around the world as a means of currency conversion, either by issuing and recognizing gold coins or other metal numbers, or through paper money tools. converted into gold by creating a gold standard whereby the total value of the money issued is represented by a gold reserve.
Do you believe Gold will be digitized? I am talking about the blockchain application project in gold digitization. DIGITAL GOLD project will turn physical gold into digital gold. It can be said that this is a project full of bold ideas that I have never seen but also promising and creative. This project helps bridge the gap between gold and other digital ecosystems.
DIGITAL GOLD Securely Store and Make payments in Gold
DIGITAL GOLD is a project developed based on blockchain technology. The goal of this project is to digitize the financial market and at the same time digitize their development investment instruments. The Digital Gold (link https://gold.storage/) project will release Gold token based on Ethereum ERC-20 and be backed by physical gold. Users can buy Gold immediately without any disadvantage. 1 GOLD token will be equal to 1 gram of physical gold 99.99%. And the special thing that customers can trust is physical gold stored in the company’s warehouse. This makes customers really believe in the company’s project. Customers who buy tokens can trade indirectly (transactions are done quickly because the project is applied with blockchain technology, does not require complicated procedures like regular transactions), can store it as saved store your property.
Another great thing, when the customer buys GOLD token, the value of that token will be fixed according to the physical gold price at that time. So GOLD token is the same as Stablecoin, which helps protect customers against market volatility in the cryptocurrency market, while helping customers benefit from gold’s long-term price increases.
Currently, the application of Blockchain technology into payment is becoming more popular and gold digitization will certainly increase the attraction for this rare metal. This will create a liquidity for GOLD token, ensuring that at all times, where liquidity is always maintained, customers can easily capture the number of Gold tokens currently circulating in the market and the number of Token How much is stored in stock? Liquidity is the survival of the project.
The application of Blockchain technology into Digital Gold project: the application of blockchain technology into this project helps to improve the transaction capability, the transactions are made quickly, the transaction fee is very low, implemented through Ethereum block. The security of customer information is also guaranteed from network attacks, smart contract applications, supports all ERC20 wallets and Gold tokens on trading platforms (partner platform). With the development of blockchain technology, gold can now act as a payment for all transactions, gold is not only stored but also traded as an investment tool.
In the next articles I will introduce in detail how the project will deploy. How is Blockchain technology used in DIGITAL GOLD project?
You can refer to more information on this project:
Bitcointalk Url: https://bitcointalk.org/index.php?action=profile;u=3403543